The Chancellor has announced one-off top up grants for retail and other businesses as England enters lockdown 3.
Following the Prime Minister’s announcement that non-essential businesses will be closed until at least February half-term, Chancellor Rishi Sunak has announced a series of one-off grants. The grants for retail, hospitality and leisure businesses are worth up to £9,000 per property and are aimed to help businesses through to Spring.
A further £594 million discretionary fund has also been made available to support other impacted businesses. This is in addition to the £1.1 billion further discretionary grant funding for Local Authorities, Local Restriction Support Grants and the extension of the furlough scheme till April.
The one-off op up grant is provided on a per-property basis and is expected to benefit over 600,000 business properties, worth £4 billion in total across the UK.
The grants will be allocated depending on rateable values with
- £4,000 for businesses with a rateable value of £15,000 or under
- £6,000 for businesses with a rateable value between £15,000 and £51,000
- £9,000 for businesses with a rateable value of over £51,000
Chancellor Rishi Sunak said, “The new strain of the virus presents us all with a huge challenge – and whilst the vaccine is being rolled out, we have needed to tighten restrictions further. Throughout the pandemic we’ve taken swift action to protect lives and livelihoods and today we’re announcing a further cash injection to support businesses and jobs until the Spring. This will help businesses to get through the months ahead – and crucially it will help sustain jobs, so workers can be ready to return when they are able to reopen.”
For further information contact your local authority or visit www.gov.uk
Image courtesy HM Treasury.